Thursday, July 24, 2008

The House yesterday approved a housing package that would:

· Authorize the Treasury Department to inject emergency cash into Fannie Mae and Freddie Mac.

· Create a strong new regulator to oversee the two mortgage firms and set pay for their executives.

· Help as many as 400,000 homeowners refinance high-cost mortgages and avoid foreclosure.

· Provide $3.9 billion for hard-hit communities to purchase vacant and foreclosed property.

· Offer a tax break worth up to $7,500 for first-time home buyers who purchase by July 2009.

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